Everest Re has revealed the initial impact of the giant Universal Property & Casualty Insurance Company (UPCIC) quota share account moving from the reinsurer to its rival Odyssey Re.
In its second quarter financials, the Bermudian said that gross written premiums had dropped 8 percent to $909mn, "primarily driven by the non-renewal of a large Florida quota share reinsurance contract in the quarter".
It said that the move resulted in a portfolio return of the unearned premium reserve and added...
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